Behind The Scenes Of Fund Manager'S "Track Bet And Performance Bet": The Same Fund Manager'S Income Difference Of Qianhai Kaiyuan Is 90%

How much difference can the yield of the same fund manager's products in three months?

10 percentage points? 20 percentage points? 30 percentage points?

The answer is more than 90 percent.

Recently, Cui Chenlong, the fund manager who has doubled the income in three months (his two funds are also the second and third in the fund income list since this year), and his fund income has been significantly divided.

In less than three months (Note: the following selects the highest growth rate of new energy from May 12 to August 6, the same below), the return of Qianhai Kaiyuan new economy a and Qianhai Kaiyuan public utilities managed by Cui Chenlong doubled, with the two funds up 102.35% and 102.31% respectively.

In sharp contrast, during the same period (May 12 to August 6), the profit of Shanghai, Hong Kong and Shenzhen off cycle a of Qianhai Kaiyuan managed by Cui Chenlong and Wang Xia was only 7.95%.

Simply to calculate, in less than three months (May 12 to August 6), Cui Chenlong managed the largest difference between the first and the last 94 percentage points.

The 21st century economic reporter has noticed that the phenomenon of "polarization" in the product income of the same fund manager appears in many fund managers.

What a magical reality it is.

In fact, in reality, the returns of different products managed by the same fund manager will be different, but the gap is not obvious.

So, investment in the same fund manager should also choose products?

How to choose the right product under a fund manager?

A fund that has doubled its earnings in three months

Cui Chenlong is the most concerned fund manager in the market recently, because his fund has seen the biggest increase in the past three months. According to media reports, this kind of increase has set a record of the fastest doubling.

According to public information, his investment manager is only more than a year old. He only became a fund manager in 2020. At present, he manages four funds with a scale of 4.2 billion yuan.

Qianhai Kaiyuan new economy a, which is the largest increase managed by Cui Chenlong, was established on August 20, 2014. It is a flexible allocation fund. Cui Chenlong began to manage the fund at the end of October 2020.

Since Cui Chenlong took over the fund, at the end of 2020, he changed all of his top ten heavy positions, and his investment direction mainly turned to new energy.

By the first quarter of 2021, Cui Chenlong almost did not adjust his heavy positions. Nine of the previous ten heavy positions were retained, and a new tenth largest heavy position stock, BYD, was ranked the 13th largest heavy position stock of the fund at the end of the fourth quarter of 2020.

However, it coincided with the big callback of a shares after the Spring Festival, and Qianhai Kaiyuan new economy a also encountered Waterloo, with a sharp drop of 8.35% in the first quarter of this year.

In the second quarter, Cui Chenlong still adhered to the direction of investing in new energy, and the top ten heavy positions were all new energy stocks, including Yiwei lithium energy (300014. SZ), Penghui energy (300438. SZ), BYD (002594. SZ), etc.

In the second quarter, Cui Chenlong's management of Qianhai Kaiyuan new economy's top ten heavy positions only made minor adjustments. Three new ones, namely Ningde times, Fara electronics and Rongjie, replaced Yongxing materials (002756. SZ), Nord (600110. SH) and Zhenhua Technology (000733. SZ).

Qianhai Kaiyuan new economy fund a holds a large number of shares, with the top ten stocks accounting for 64.39% of the net value of the fund. In the second quarter of this year, stocks accounted for 76.96% of the total assets of the fund.

It is worth mentioning that behind the doubling of the three-month earnings of Qianhai Kaiyuan new economy a, is the rise of new energy stocks. Cui Chenlong seized the opportunity of this wave of new energy boom, and all the top 10 heavy positions were bet on new energy stocks.

Since May, the new energy sector has soared. In less than three months (May 12 - August 6), the new energy (000941. CSI) index rose 55.90%.

Another Qianhai Kaiyuan public utility fund managed by Cui Chenlong is similar to that of Qianhai Kaiyuan new economy a.

Cui Chenlong took over the fund in July 2020, and the path of Qianhai Kaiyuan new economy a is basically the same.

The main difference is that it is a common stock fund, while Qianhai Kaiyuan new economy a is a flexible allocation fund. They have different requirements for fund positions. The positions of Qianhai Kaiyuan public utility stocks account for more than 80% of the total assets of the fund.

As for the heavy storage of new energy, Cui Chenlong explained in the second quarter report that "the whole human society is at a major turning point of the energy revolution. As representatives of the production and application end of the energy revolution, photovoltaic and lithium batteries have huge growth space in front of this major historical opportunity, Therefore, we are firmly optimistic about the investment opportunities around the core line of the energy revolution in human society. "

Fund with small increase

On the contrary to the short-term earnings of Qianhai Kaiyuan new economy a and Qianhai Kaiyuan public utilities, Cui Chenlong manages the non cyclical A and C shares of Qianhai Kaiyuan Shanghai, Hong Kong and Shenzhen.

In the last three months (from May 12 to August 6), the return was only 7.95% and 7.88%, with the same category ranking above and below the 50% quantile.

In the long run, as of August 17, the returns of Shanghai, Hong Kong and Shenzhen aperiodic class A and class C of Qianhai Kaiyuan this year were - 9.96% and - 10.11% respectively, ranking the bottom 10% of similar funds.

As for the Shanghai, Hong Kong and Shenzhen wisdom of Qianhai Kaiyuan managed by Cui Chenlong, although the wind data shows that the performance during his term of office was - 6.82%, he took over less than two months, so we will not discuss it here.

On July 20, 2020, Cui Chenlong and Wang Xia took over the Shanghai, Hong Kong and Shenzhen non cycle of Qianhai Kaiyuan from Shi Cheng, the former fund manager, and managed in a dual fund manager mode.

Qianhai Kaiyuan Shanghai, Hong Kong and Shenzhen non cyclical fund is a common stock fund. After taking over Qianhai Kaiyuan Shanghai, Hong Kong and Shenzhen off cycle, Cui Chenlong and Wang Xia eliminated Guizhou Maotai, Wuliangye, Mengniu Dairy, China Resources beer, Gaoxin retail and other consumer stocks from the top 10 heavy positions in the third quarter of 2020, and replaced them with Xinyi solar energy, fulette glass, SIMORE international, a pharmaceutical company Yao Ming Kant.

Since then, Cui Chenlong followed the direction of this layout, and by the end of the second quarter of this year, he mainly laid out the Internet, medicine, consumption and other subdivided industries in the Hong Kong stock market.

It is worth mentioning that among the top 10 non cyclical stocks of Shanghai, Hong Kong and Shenzhen in Qianhai, there are 9 Hong Kong stocks and only one A-share photovoltaic themed Jingao Technology (002459. SZ).

Specifically, at the end of the second quarter, Qianhai Kaiyuan's top 10 non cyclical positions in Shanghai, Hong Kong and Shenzhen were Tencent Holdings (0700. HK), Yaoming Kant (2359. HK), Fangda Holdings (1521. HK), etc.

Overall, the performance of Hong Kong shares this year is weaker than that of a shares. As of August 19, the Hang Seng Index has fallen by 7% since the beginning of the year, while Tencent holdings, tiger pharmaceuticals and SIMORE international, which are heavy non cyclical positions in Shanghai, Hong Kong and Shenzhen of Qianhai, have fallen by more than 25%.

In the last three months (May 12 to August 6), Tencent Holdings (- 22.18%), SIMORE International (- 23.42%) and Tsingtao Brewery Co., Ltd. - 15.65% fell more than others.

Cui Chenlong and Wang Xia said in the second quarter report that the overall investment ideas will still focus on enterprises with global competitiveness and China's competitiveness, including some targets that are not listed in the A-share market and cannot be purchased, so as to give full play to the unique advantages of the Hong Kong stock market.

On the whole, as of August 18, this year, Cui Chenlong managed Qianhai Kaiyuan new economy a, Qianhai Kaiyuan public utilities, Qianhai Kaiyuan Huhong Kong Shenzhen aperiodic a, Qianhai Kaiyuan Huhong Kong Shenzhen aperiodic C C were 75.62%, 75.48%, - 9.96%, - 10.11%, respectively, with a difference of 86 percentage points between the beginning and the end.

Cui Chenlong fund income polarization, or its investment direction and region.

Qianhai Kaiyuan new economy a, Qianhai Kaiyuan public utility investment A shares, all heavy positions in new energy stocks.

Qianhai Kaiyuan's non cyclical heavy positions in Shanghai, Hong Kong and Shenzhen are almost all Hong Kong stocks, mainly investing in the Internet and medicine. This year, the performance of Hong Kong stocks is not as good as that of a shares, while the Internet antitrust and the valuation correction of pharmaceutical stocks make the non cyclical earnings of Qianhai Kaiyuan, Shanghai, Hong Kong and Shenzhen not very ideal.

It's not a case

Cui Chenlong managed different funds in three months appeared more than 90% of the income gap.

This is not a case in point. In fact, many fund managers in the market have also experienced the phenomenon of "performance polarization".

For example, Cinda Australia Bank of new energy, a subsidiary of Zeng Guofu, has invested in the new energy industry with a revenue of 48.03% since its establishment in May this year; Cinda Bank of Australia preferred to invest in large consumption, with a revenue of - 10.14% so far this year.

Another example, Liu Jiang's huitianfu medical services are all invested in a shares, with an income of 15.37% since this year; Huitianfu global medical RMB investment in A-share, Hong Kong stock and US stock markets, with a revenue of 40.96% so far this year.

Even star fund managers have the same problem, known as top current fund manager Zhang Kun.

In the second quarter, e-fund Asia select managed by Zhang Kun was the bottom, with a period return of - 9.79%, while another fund under his management, e-fund high-quality enterprises, held 10.62% in three years.

That is to say, in the three months of the second quarter, the first and last returns of the two funds managed by Zhang Kun differed by 20 percentage points.

What causes the performance polarization of the same fund manager?

Yue Kunzhong, a gold Zhang investment researcher under GESHANG, told reporters that there are four possible reasons for the big difference in the returns of fund products with fund managers. First, new products will have a warehouse building period, and they will continuously accumulate safety cushions at the initial stage of establishment, and the income may not be as aggressive as the old products; Second, the stock positions are different, and the demand of partial stock funds and partial debt funds on stock positions is different; Third, the investment plate is different, for example, the fund manager Zeng Guofu of Cinda fund invested in new energy and invested in large consumption, and there was a significant difference in the returns of the two funds; Fourth, investment regions are different, such as huitianfu fund Liu Jiang's investment in pharmaceutical A shares and the global two funds income gap is also very obvious.

In addition to the above reasons, Yao Xusheng, a partner in wealth management of private placement network, said that the product scale will also cause performance differences. The greater the capital, the more difficult it is to manage, and it is not easy to make high returns. In addition, if the number of products that fund managers participate in the management is large, people's energy is limited. Fund managers will put more investment and research strength on their main products, and the performance of this main product is often better.

And Liu Yan, chairman of anjue assets, believes that there are fund managers under the pressure of performance ranking, and different funds bet on different tracks. For example, there are great differences in fund returns under the same fund manager. Some products have good returns, while others have low returns. This may be the result of this situation.

"It is obvious that there has been a long time in the industry that fund managers have made style drift and bet on different portfolios for the sake of gambling performance. This kind of fund manager still wants to avoid or pull black. " Xuanjia financial CEO Lin Jiayi suggested.

Lin Jiayi pointed out that in the final analysis, the choice of funds is still the selection of people. It depends on the investment logic and verifies through the position. Find a good fund manager, you can carry out a certain position configuration and fixed investment.

Yue Kunzhong, a research fellow of GESHANG's Jinzhang investment, believes that investment in the same fund manager should also choose products. He suggested that investors should consider fund products with wide investment range, long established time, moderate fund scale, annual performance in the top quartile level, and fund managers are good at investing in the field.